De Blasio administration says it financed 25K affordable housing units in fiscal year 2019

The total is now up to 135,000, according to the city
By Eddie Small | July 30, 2019 06:00PM

New York City Mayor Bill de Blasio (Credit: Getty Images)

New York City Mayor Bill de Blasio (Credit: Getty Images)

Mayor Bill de Blasio’s administration is about 25,000 affordable housing units closer to its goal.

The city announced on Tuesday that it had financed 25,299 affordable housing units during fiscal year 2019, bringing its total to 135,437 since 2014. The administration’s goal is to create 300,000 units of affordable housing by 2026.

“We are making tremendous progress in our goal to expand affordable housing in our city,” de Blasio said in a statement.

The total for the past fiscal year was split between 9,029 new affordable housing units and 16,270 preserved affordable housing units. Manhattan had the highest total at 9,810, followed by 7,181 in Brooklyn, 5,811 in the Bronx, 2,445 in Queens and 52 on Staten Island.

The city financed 5,341 units for extremely low income families making between 0 and 30 percent of area median income, 8,486 units for families making between 31 and 50 percent of area median income and 7,956 units for families making between 51 and 80 percent of area median income. There were 2,682 units for the homeless and 1,968 units for seniors.

The overall total was lower than in fiscal year 2018, when the city announced it financed the construction and preservation of 32,116 affordable housing units, breaking a prior record from 1989, when Mayor Ed Koch’s administration financed 23,100 units. More than two-thirds of the units from fiscal year 2018 were preservation deals.

Despite the additional affordable housing units, a report from Comptroller Scott Stringer released earlier this summer found that rents in the city are still going up. Median rents for one- and two-bedroom apartments rose by 61 and 53 percent, respectively, from 2005 to 2017, according to the report.